The First 180 Days After Bankruptcy

Miami Law and Business AttorneyJanuary 4, 2014Aaron Resnick

Bankruptcy Miami is a tough process. First finding a Miami bankruptcy lawyer, then filling out a ton of paperwork, attending counseling, worrying about losing assets and savings and dealing with the invasion of you and your family’s privacy. But what do you have to deal with after your bankruptcy is finalized and you are trying to move on with your life? Your goals after bankruptcy should be to build up your savings, rebuild your credit, and adjust your lifestyle to avoid filing for bankruptcy again.

Saving money is difficult for most people. They get discouraged because they cannot afford to save very much each month or get overwhelmed because they do not know where to start. Take an honest look at your finances and figure out how much you can afford to save. Most banks will set up an automatic transfer from your checking to your savings account. If you have direct deposit for your paycheck, this may work for you. Figure out how much you can afford to save each month and stick to it! Do not worry if you cannot afford to save very much. Even if it is just a few dollars each week, or a hundred dollars every paycheck. The money will add up over time. Just make sure you do not spend it unless there is an absolute emergency.

Rebuilding your credit is not as difficult at you think after bankruptcy. While some lenders might not want to lend you money right away, you have also discharged your debt that opens up your debt to income ratio. You will not get very good interest rates right away even if lenders are willing to loan you money. The best way to rebuild your credit is to get a small credit card and make sure you pay on time. Consider financing purchases through stores such as furniture or appliances. If you want to rebuild your credit as quickly as possible, make sure you make your payments on time!

Adjusting your financial lifestyle is not easy. If you filed for bankruptcy, your bankruptcy and foreclosure attorney in Miami will have made sure you went through credit counseling. You have probably already cut back your spending and started paying more attention to your finances. If you are still feeling unsure about what you can do to get your finances back on track, consider attending after bankruptcy counseling. You will need to learn how to save for emergencies, and you should consider insurance to cover your bills if someone in your family has a major medical issue. Figure out why you ended up in bankruptcy in the first place, and then plan steps to avoid having to file for bankruptcy again.